Distributors

Groupon has completed its US$950 million funding round and the money will be used to improve its technology infrastructure, continue its business expansion and let employees and existing investors cash out stock, the online coupon provider said late Monday.

In 2010, Groupon spread its operations from one to 35 countries, set up shop in close to 500 new local markets, increased its subscriber base from 2 million to 50 million and offered more than 100,000 deals from 58,000 businesses, the company said on Monday.

Founded in 2008, Groupon partners with local merchants to offer steep discounts on their products and services. However, the deals become valid only when a minimum number of Groupon members commit to them.

Groupon, which has about 3,000 employees, takes a commission from each deal. The consensus from financial analysts is that Groupon was on track to generate about $500 million in revenue in 2010.

Slideshows

Selling beyond the CIO – How partners can influence the new breed of tech buyers

This ARN Roundtable, in association with Oracle, highlighted the emergence of a new breed of technology buyer, assessing how partners can engage outside of IT, and the skills required to sell across new business units.

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